C crixs results for the current and prior periods are

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Unformatted text preview: he current and prior periods are excluded due to its disposal on June 28, 2012. (d) "nm" means not meaningful. KINROSS GOLD 2012 ANNUAL REPORT MDA19 Mining operations Fort Knox (100% ownership and operator) – USA Years ended December 31, 2 012 2011 Operating Statistics Tonnes ore mined (000's) Tonnes processed (000's) (a) Grade (grams/tonne)(b) Recovery(b) Gold equivalent ounces: Produced Sold Financial Data (in millions) Metal sales Production cost of sales Depreciation, depletion and amortization Exploration and business development Other Segment operating earnings 2 5,937 4 3,153 0.69 84.0% 8 ,036 3 1,078 0 .56 78.1% 359,948 333,438 $ $ 556.3 2 21.2 66.8 268.3 7.4 260.9 Change 1 7,901 1 2,075 0 .13 5.9% $ 4 54.0 1 99.1 5 7.6 1 97.3 6 .9 1 .3 1 89.1 $ $ 223% 39% 23% 8% 7 0,154 4 5,919 2 89,794 2 87,519 $ % Change 24% 16% 1 02.3 2 2.1 9 .2 7 1.0 0 .5 (1.3) 7 1.8 23% 11% 16% 36% 7% (100%) 38% (a) Includes 29,950,000 tonnes placed on the heap leach pad during 2012 compared with 17,575,000 tonnes placed on the heap leach pad during 2011. (b) Amount represents mill grade and recovery only. Ore placed on the heap leach pad had an average grade of 0.31 grams per tonne during 2012 and 0.33 grams per tonne during 2011. Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful. The Company has been operating the Fort Knox mine, located near Fairbanks, Alaska, since it was acquired in 1998. 2012 vs. 2011 Tonnes of ore mined increased to 25,937,000 in 2012 from 8,036,000 in 2011 due to planned mine sequencing. Tonnes of ore processed in 2012 increased by 39% compared with 2011, mainly due to an increase in tonnage placed on the heap leach pads. Mill grades in 2012 were higher by 23% compared with 2011 due to planned mine sequencing, which involved more higher grade pit ore being processed through the mill compared with lower grade stockpiled ore. Mill recoveries increased by 8% in 2012 compared with 2011 due to several initiatives undertaken by management during the first quarter of 2012, including water and reagent management. Gold equivalent ounces produced inc...
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